Debt and Lending Agreement Laws

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What types of cases are registered in India on debt and lending agreement?

As per Black’s Law Dictionary, Loan refers to a bailment without reward; consisting of the delivery of an article by the owner to another person, to be used by the latter gratuitously, and returned either in specie or in kind. A sum of money confided to another. A loan of money is a contract by which one delivers a sum of money to another, and the latter agrees to return at a future time a sum equivalent to that which he borrowed.

The Banking Regulation Act is the law that governs the sector of banking in India. It consolidates and reasonable amends the laws related to banking. A Banking firm is a firm which transacts the business of banking in India. As per Section 5(b) of the Banking Regulation Act, banking refers to accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable, by cheque, draft, order or otherwise.

Every bank is required to keep cash reserve with itself or by way of balance in the current account with RBI or Central/District Co-operative Bank or net balance in all such way, of minimum prescribed % amount of its DTL as of last Friday of fortnight. Bank shall maintain unencumbered approved securities, valued not exceeding the current market price, or an amount which shall not be less than 24% of the total of its demand and time liabilities.

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